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BusM 361 Inventory Control Fall 10

BusM 361 Inventory Control Fall 10 - BusM 361 Inventory...

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Click to edit Master subtitle style BusM 361: Inventory Control “When will all these calamities strike? We do not know the exact time, but it appears it may be in the not-too-distant future. Those who are prepared now have the continuing blessings of early obedience, and they are ready. Noah built his ark before the flood came, and he and his family survived. Those who waited to act until after the flood began were too late.” Elder Ezra Taft Benson, Jan 1974 Ensign
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Nature of Inventory According to Tim Cook, Apple CEO (and many others): “Inventory is fundamentally evil”
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Inventory Control Examples In the mid 1980’s instituted continuous replenishment VMI In 2003 instituted pay-on- scan program Consignment
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Inventory Control Examples Strategy of build-to-order manufacturing JIT Inventory (postponement) Customized items held by supplier due to warehousing constraints Reverse Consignment
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Establishing an Inventory Strategy Buyer Supplier Buyer Supplier Buyer Supplier Location of Inventory Management of Inventory Ownership of Inventory
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Management of Inventory Determine the appropriate model Independent or dependent demand?
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